Pr. Commissioner Of Income Tax - 5 v. Q-India Investment Advisors Pvt. Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 79 OF 2016 Pr. Commissioner of Income Tax - 5..Appellant Versus Q-India Investment Advisors Pvt. Ltd...Respondent ................... Mr. N.C. Mohanty, Advocate for the Appellant. Mr. Harsh R. Shah, Advocate for the Respondent. ................... CORAM : UJJAL BHUYAN & MILIND N. JADHAV, JJ. DATE : FEBRUARY 03, 2021. P.C.: Heard Mr. N.C.Mohanty, learned counsel for the appellant andMr. Harsh Shah, learned counsel for the respondent. 2. This appeal under section 260A of the Income Tax Act, 1961 hasbeen preferred by the revenue as the appellant against the order dated24.04.2015 passed by the Income Tax Appellate Tribunal, "K" Bench,Mumbai in ITA No. 923/Mum/2015 for the assessment year 2010-11. 3. The appeal was admitted by this Court on 30.07.2018 on thesubstantial questions of law framed in the said order, which readsthus:- "1. Heard. 2. Appeal relates to Assessment Year 2010-11. 3. Appeal admitted on the following re-framedsubstantial questions of law : “1. Whether, on the facts and in the circumstances of the caseand in law, the Tribunal was justified in directing the AO toexclude M/s. Motilal Oswal Investment Advisory Pvt. Ltd. fromthe list of comparables on the ground that the said Company isengaged in diversified activities and is functionally differentfrom the assessee, overlooking the Annual Report of the saidCompany and the finding of the fact by Learned Commissionerof Income-tax (Appeal) that the income of the said Companyduring the year was predominantly from advisory fees atRs.64.94 crores as against minor component of other income atRs.58.14 lakhs only ? 2. Whether, on the facts and in the circumstances of the caseand in law, the Tribunal was justified in observing that M/s.Motilal Oswal Investment Advisory Pvt. Ltd. derived itsbusiness income from four different verticals viz. Equity CapitalMarkets, Mergers & Acquisitions, Private Equity Syndicationsand Structured Debt and that the income source across the fourproducts was more or less evenly balanced, when the AnnualReport, including Audit Report, of the said Company for theconcerned year does not support this observation of theTribunal, thereby making the observation of the Tribunalperverse ?” 4. Registry is directed to communicate copy of this orderto the Tribunal. This would enable the Tribunal to keeppapers and proceedings relating to the present appealavailable, to be produced when sought for by the Court. 5. Mr. Sawla, Learned Counsel waives service for therespondent." 4. During the pendency of the appeal respondent has filed therelated interim application stating that it had opted for settlementunder the Direct Tax Vivad Se Vishwas Act, 2020 (briefly 'the Act'hereinafter); in fact the matter has been settled under the schemeprovided under the Act. However, the appeal is required to bewithdrawn for passing of the final order. 5. On 20.01.2021 we had passed the following order in the interim application :- "Respondent-assessee has preferred this interim applicationstating that it had opted for settlement under the Direct TaxVivad Se Vishwas Act, 2020. However, the appeal is at thestating that it had opted for settlement under the Direct TaxVivad Se Vishwas Act, 2020. However, the appeal is at the instance of the revenue and the same is required to bewithdrawn by the revenue to facilitate settlement under theaforesaid Act. 2. In this connection, we had passed a detailed order yesterdayin Income Tax Appeal No. 1544 of 2012 (OS) fixing it on03.02.2021 for response 3. List along with Income Tax Appeal No. 1544 of 2012 on 3rdFebruary, 2021." 6. Today Income Tax Appeal No. 1544 of 2012 (OS) has been disposed of on withdrawal by learned standing counsel oninstructions. When the matter is called upon, Mr. Mohanty submitsthat he has instructions to withdraw the appeal. 7. In that view of the matter, the appeal is disposed of aswithdrawn. 8. Refund as per Rules. [ MILIND N. JADHAV, J. ] instance of the revenue and the same is required to bewithdrawn by the revenue to facilitate settlement under theaforesaid Act. 2. In this connection, we had passed a detailed order yesterdayin Income Tax Appeal No. 1544 of 2012 (OS) fixing it on03.02.2021 for response 3. List along with Income Tax Appeal No. 1544 of 2012 on 3rdFebruary, 2021." 6. Today Income Tax Appeal No. 1544 of 2012 (OS) has been disposed of on withdrawal by learned standing counsel oninstructions. When the matter is called upon, Mr. Mohanty submitsthat he has instructions to withdraw the appeal. 7. In that view of the matter, the appeal is disposed of aswithdrawn. 8. Refund as per Rules. [ MILIND N. JADHAV, J. ] [ UJJAL BHUYAN, J. ] Digitallysigned byRavindraRavindra M.AmberkarM.AmberkarDate:2021.02.0510:34:38+0530